The digital shop had been in talks with suitors for several months regarding a sale.
It is believed that Wunderman prevailed despite considerable interest from a number of other WPP agencies, including Ogilvy, JWT and GroupM.
“All the agencies were after it,” said a source. “But (Agenda CEO) Steve Hsia wanted to maintain its freedom and its own identity.”
It is believed that Wunderman prevailed despite considerable interest from a number of other WPP agencies, including Ogilvy, JWT and GroupM.
“All the agencies were after it,” said a source. “But (Agenda CEO) Steve Hsia wanted to maintain its freedom and its own identity.”
It is believed that the deal value Agenda at upwards of US$15 million. According to sources, Agenda brought in almost US$10 million in revenue for the year ending 30 June 2007. In acquiring Agenda, Wunderman expands its Asian footprint by more than 40 per cent.
“It’s a popular asset, because it’s the last truly regional digital independent,” said an industry source. “But WPP may have been quite wary about paying a high price for Agenda.”
“This is a natural fit for Agenda and I am confident our clients and employees will benefit from this acquisition,” said Hsia.
Agenda will keep its name and management team in place. The agency currently has offices in Beijing, Shanghai, Taipei,Hong Kong, Singapore and Kuala Lumpur.
Its client roster includes the likes of Pepsi, for which it plays a key role in its ongoing Creative Challenge platform, along with Johnson & Johnson, Citibank and Microsoft.
